Yuka Hayashi

WASHINGTON—Despite the Trump administration’s promise to deliver aid quickly, small-business owners who have applied for federally guaranteed loans to keep them afloat during the coronavirus pandemic are still largely waiting for the money, according to business advocates and banking industry officials.

The $350 billion Paycheck Protection Program opened a week ago with loans to companies with 500 or fewer employees and expands Friday to include independent contractors and self-employed individuals.